Shipyards in Korea took market share from Chinese yards in 2011 South Korean yards took market share from Chinese yards in 2011 according to a recent report in the Danish Ship Finance Review. South Korea secured new orders of 13.5 million cgt Korean yards secured almost half of the contracted capacity (13.5 million cgt). Container and Tanker orders accounted for 85% (6 million cgt and 5 million cgt respectively). South Korea therefore maintains the position as the leading global builder of Containers and Tankers. But South Korean yards also added to their market position in the specialized tonnages. For example, orders of 1 million cgt were placed for Drillships in 2011. European owners signed 60% of the orders placed in South Korea during 2011. The order cover dropped on average 14% to 28 months in 2011. Chinese yards struggled to keep pace with their South Korean peers. In 2011, Chinese yards received new orders of 9.5 million cgt (19.5 million cgt in 2010) – primarily Dry Bulk tonnage, which accounts for 60% of the Chinese orderbook. Two thirds of all new orders were placed on behalf of Chinese or European owners. The order cover of Chinese yards dropped, on average, 17% to 28 months in 2011.
The European Union on Wednesday blamed low prices offered by South Korean shipyards for the depression in the world shipbuilding market and accused Korea of pricing ships at below cost. A report by the EU's executive Commission found the world shipbuilding market continued to face serious difficulties. "Supply still outstrips demand and there are few indications that this situation may improve," the Commission said
South Korean shipyards won shipbuilding orders of 4.2 million compensated gross tons (CGTs) during the first half of this year, down 36.9 percent from a year ago, the Commerce Ministry said on Wednesday. The orders in dollar terms amounted to $6.8 billion in the period, down 25.4 percent from the previous year, the ministry said in a statement. CGT shows a country's shipbuilding capacity and factors in manpower and added value.
European Union and South Korean trade officials will meet next week in Seoul to resolve a dispute over alleged shipbuilding subsidies by Korean yards. "Working-level officials from the EU and Korea will discuss the hottest trade issue between the two parties from May 28-30 in Seoul," said Seoul's Commerce Ministry in a statement. Earlier in the month, European Trade Commissioner Pascal Lamy met South Korean Commerce Minister Hwang Doo-Yun to discuss the EU executive's threat to start a
Athens, Greece – Tsakos Energy Navigation Limited announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers. Discussions for long-term contracts have begun
UK's Martek Marine wins large orders for its MariNOx Evolution™ on-board emissions monitoring and engine efficiency system. The orders, amounting to more than US$1-million, are from Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries. Amongst the seven orders is the world’s largest and most complicated emissions monitoring system ever to measure SOx, NOx, CO2, CH4, NO2, THC, H2S, Benzene and N20.
Yonhap reported that South Korean shipyards have unparalleled competitiveness despite recent challenges posed by Chinese shipyards, industry and government sources said. The optimistic predictions come as alarm bells have been sounded over Chinese yards outpacing domestic companies in shipbuilding orders received in the first two months of this year. Such developments have caused some in China to boast that it can become the world's number one shipbuilding country by 2015.
STX Shipbuilding Co., the first South Korean yard in China, had its biggest two-day gain in more than a week in Seoul on optimism the purchase of a stake in Norway's Aker Yards ASA will add cruise liners to its range of vessels. STX Shipbuilding has more than quadrupled this year, making it the fourth-best performer in South Korea's Kospi 200 index. The stake purchase in Aker Yards will allow STX Shipbuilding to use the Norwegian company's expertise in cruise liners
Lloyd's Register’s teams in China and Korea have established a strong position in terms of ships ordered in 2010 which will be built to Lloyd’s Register class. Lloyd’s Register’s share of 2010 orders is, respectively, 29.6% in China and 28.3% in Korea.* While orders are from traditional areas of strength such as Greece, the continued expansion of shipowning in Asia is also driving demand.
Classification society ABS held series of LNG carrier seminars on design & safety in Athens, Doha & Limassol ABS, provider of classification services to the global offshore industry, has delivered a series of seminar addressing developments in the construction and design of liquefied gas carriers. Events were held in Doha, Qatar; Athens, Greece; and Limassol, Cyprus. “As liquefied natural gas (LNG) becomes a more attractive fuel for power generation
IoM cooperation with the Korean Register (KR) could yield more Asia based tonnage for the Isle of Man ship registry; more than a third of Isle of Man Ship flagged tonnage now operated by ship owners from the Asia Pacific region. The Isle of Man Ship Registry (IoM) recently completed a pilot
Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry
Daewoo Marine Shipbuilding and Engineering (DMSE) yard in South Korea continues to produce the new Triple-E ships for Maersk Line at a very high rate; the fifth ship of the series 'Maribo Mærsk', is to be officially named later. Despite the ships' record dimensions
Light Structures, a global technology company for fiber optic monitoring and analysis systems, has won the contract to provide the critically important Load & Fatigue Monitoring Solution for the $2.7 billion Ichthys LNG Central Processing Facility (CPF)
In a market where shipbuilders are forced to accept new contracts below cost levels, a significant share of the building capacity has been withdrawn or removed. Jørn Bakkelund of RS Platou, ship brokers and investment bankers, sum up the state of the global shipbuilding market as
Teekay Tankers orders 4 LR2 product tankships from STX Offshore & Shipbuilding with options for 12 more. The agreement is for STX of South Korea to construct four fuel-efficient 113,000 dwt Long Range 2 (LR2) product tanker newbuildings for a fully built-up cost of approximately
Hyundai Heavy Industries (HHI) to build a US$ 1.9-billion order Floating Production Storage and Offloading unit (FPSO) for Chevron North Sea Ltd. Hyundai Heavy is to carry out engineering, procurement, and construction for the floating offshore facility to be deployed in the Rosebank oil &
Through chilling winds and choppy seas, five-man crews aboard small, gray security boats worked tirelessly for 10 days patrolling the waters around a massive 348-foot petroleum vessel near the coast of Pohang, South Korea. Boat crews from Port Security Unit (PSU) 313 worked night and day to
On Thursday, 23 May 2013, Hamburg Süd celebrated the double christening of its container ships Cap San Nicolas and Cap San Marco at the Hyundai Heavy Industries yard in Ulsan (South Korea). With a nominal slot capacity of 9,600 TEU
Reported ordering has been focussed primarily on smaller sizes with Handysize and Supramax seeing the majority of orders. According to the recently released Clarkson Hellas S&P Weekly Bulletin, Japanese yards appear to have had their fair share of the orders with JMU Yokohama
The Korean Register – an IACS member class society - signed an MoU with global steel producer Dongkuk Steel. The agreement paves the way for the two organizations to cooperate on the exchange of strategic technology relevant to the construction of seagoing vessels and platforms.
An Atwood Oceanics subsidiary has entered into a turnkey construction contract with Daewoo Shipbuilding & Marine Engineering to construct a fourth ultra-deepwater drillship, to be named 'Atwood Archer'. The Atwood Archer is expected to be delivered by December31, 2015 at a total cost
Today in U.S. Naval History - July 3 1898 - At Battle of Santiago, Cuba, RADM Sampson's squadron destroys Spanish fleet 1950 - USS Valley Forge and HMS Triumph participate in first carrier action of Korean Conflict. VF-51 aircraft (Valley Forge) shoot down two North Korean aircraft
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, plans to raise prices as demand for fuel-efficient vessels increases, reports the Japan News, citing Bloomberg, Singapore. Hyundai Heavy’s optimism helped drive up shares of South Korean shipbuilders Monday and contrasts
The 3,700-ton frigate will be built in South Korea by Daewoo Shipbuilding & Marine Engineering Co. as a modernized version of the Kwanggaeto-class destroyer of the Korean Navy, reports Xinhua. Thailand has ordered the South Korean-built frigate which will cost some US$ 486-million